Power, automotive sectors outperform peers

Power/energy, telecom and automobile sector stocks have outperformed the broad market in the last three months.

But pharmaceutical, technology and fast moving consumer goods (FMCG) stocks were underperformers, thus dragging the market.

Between December 31, 2003 and March 3, 2004, the 50-stock NSE S&P CNX Nifty fell by 1.0 per cent. On March 3, Nifty ended at 1,860.40 as against its December 31, 2003 close of 1,879.75, a loss of 19.35 points.

Reliance Energy, Videsh Sanchar Nigam (VSNL) and Mahindra & Mahindra have emerged as the best performing stocks in the current year. During the period, the market capitalisation of Nifty jumped by Rs 7,830 crore to Rs 5,05,222.60 crore.

In the three months, foreign funds have invested Rs 7,199.90 crore ($1522.2 million) in Indian stocks. During the period, Reliance Energy has risen 56.4 per cent or Rs 288.05.

The stock scaled a 52-week high at Rs 798.90. It's market capitalisation has surged by Rs 4,663 crore from Rs 8,246 crore on December 31 to Rs 12,909 crore on March 3.

Recently the company had concluded its $178 million international convertible bonds at a conversion price of Rs 1,007 per share.

Meanwhile, VSNL's share price has zoomed by 36.0 per cent during the period. Its stock has jumped from Rs 147.25 on December 31 to Rs 200.25 on March 3. It's market capitalisation has increased by Rs 1,510.50 crore to Rs 4,196.6 crore on March 3.

Mahindra & Mahindra has risen 25.7 per cent during the period. The stock has jumped up from Rs 388.80 on December 31 to Rs 488.70 on March 3.

NIIT has been one of the worst performers. The stock has tumbled 30.9 per cent during the period. It closed at Rs 187.35 on March 3 compared with Rs 271.10 on December 31.

Dr Reddy's Laboratories has shed 28.5 per cent. The stock has fallen from Rs 1,429.10 on December 31 to Rs 1,022.50 on March 3. FMCG major Hindustan Lever has slipped 19.3 per cent. The stock fell from Rs 204.45 on December 31 to Rs 165.05 on Wednesday.